Pasupati Acrylon Shares Rise 5% After Securing ₹334 Crore Ethanol Allocation from OMCs

Key numbers

Market Cap	₹641.49 CrSmall Cap
P/E TTM	5.76Sector PE 51.6
RSI	50.81Neutral Zone
Order from	BPCL, IOCL, HPCL (Oil Marketing Companies)
Execution period	Ethanol Supply Year 2026-27
Deal value	₹334 Cr
Share of market cap	52.1%
Share of annual revenue	32.5%

Key highlights

• Order value of ₹334.00 crore represents 52.1% of the company's current market capitalization
• Allocation of 50,745 kilolitres of ethanol awarded by BPCL, IOCL, and HPCL
• Execution scheduled for the Ethanol Supply Year (ESY) 2026-27 under the EBPP
• Order size is equivalent to 32.5% of the company's TTM revenue of ₹1,026.86 crore
• Follows recent regulatory approval to operate enhanced ethanol capacity of 240 KLPD

Scaling Biofuel Operations for ESY 2026-27

Pasupati Acrylon Limited participated in the competitive bidding process invited by major Oil Marketing Companies for the supply of fuel-grade ethanol under the Ethanol Blended Petrol Programme. The resulting allocation of 50,745 kilolitres for the 2026-27 supply cycle marks a significant commercial milestone for the company. With an estimated value of ₹334.00 crore, this contract is equivalent to nearly one-third of the company's total annual operating revenue.

The award reflects Pasupati Acrylon's strategic focus on the high-growth biofuel sector, diversifying its business portfolio beyond its traditional fibres and plastics manufacturing base while supporting national blending targets.

Breakdown of the OMC Supply Mandate

• Clients: Bharat Petroleum (BPCL), Indian Oil (IOCL), and Hindustan Petroleum (HPCL)
• Product Type: Denatured Anhydrous Ethanol for petrol blending
• Total Quantity: 50,745 kilolitres to be supplied over the ESY 2026-27 cycle
• Estimated Consideration: ₹334.00 crore for the combined allocations
• Nature of Order: Routine domestic supply contract received in the ordinary course of business
• Economic Impact: Strengthens recurring revenue streams from the industrial ethanol segment

Operational Readiness and Capacity Expansion

The timing of this allocation aligns with the company's ongoing capital expenditure plans to increase ethanol manufacturing capacity from 180 KLPD to 240 KLPD. This expansion, involving a ₹25.00 crore investment, is scheduled for commissioning by the end of December 2026. Notably, Pasupati Acrylon received formal consent from the Uttar Pradesh Excise Department on October 13, 2026, to operate the enhanced capacity.

Financially, the company has shown strong momentum leading into this new supply cycle, reporting a net profit of ₹32.01 crore for the quarter ended September 30, 2026, representing a 97.6% growth over the same period in the previous year.

Market Context and Financial Performance

• 1-Year Price Performance: 38.16% increase as of November 13, 2026
• Valuation: TTM P/E of 5.76x compared to the industry average of 6.62x
• Revenue Growth: Annual operating revenue grew 61% YoY to ₹1,010.16 crore
• Efficiency: Operating profit margin stood at 16.59% for the latest quarter
• Ownership Structure: Promoter holding remains stable at 65.87%
• Technical Position: Stock trading above the 200-day SMA of 59.32

What to watch next

• Commissioning of the ethanol plant capacity expansion to 240 KLPD by December 31, 2026
• Commencement of supply deliveries for the ESY 2026-27 cycle
• Quarterly financial results for the period ending December 31, 2026, expected in February 2027

Pasupati Acrylon · financial snapshot

Share price	₹71.97
Market capitalisation	₹641.49 Cr
Revenue (annual)	₹1,010.16 Cr
Net profit (annual)	₹69.91 Cr
Revenue (latest quarter)	₹274.74 Cr+15.31% vs previous quarter
Net profit (latest quarter)	₹32.01 Cr+16.87% vs previous quarter
P/E (TTM)	5.76×Sector 51.6×
Promoter holding	65.87%0.00% QoQ
FII holding	0.47%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.